At 3.1% Growth Rate, Turbo Generator Market To Generate 12.6 Billion By 2027
Rise in need of continuous & stable power supply, rapid growth in gas power plants, and rapid urbanization & industrialization drive the growth of the global turbo generator market. However, implementation of strict government regulations toward environmental pollution and rapid development in the renewable energy sector hamper the growth. On the contrary, surge in investment in electrification of remote & rural areas is expected to create lucrative opportunities for the market growth in the future.
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On the basis of cooling system, the air-cooled turbo generator holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the increase in need for energy supply from residential consumers. In addition, surge in demand for air-cooled turbo generators from various applications such as agriculture, military, and remotely located construction is fueling the growth of the air-cooled turbo generator market systems.
On the basis of end-user, the coal power plants segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 3.1%. This is attributed to the increase in demand for electricity from the developing and developed economies is expected to fuel the growth of the coal-based power generation, which in turn drives the turbo generator market growth during the forecast period. In addition, rise in demand for coal-based power generation from the economic growth perspective is expected to drive the market growth in the upcoming years.
On the basis of the region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, presence of the developing countries such as China, Japan, Australia, and India are anticipated to contribute toward the growth of the market in Asia-Pacific.
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The global turbo generator market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electrical Limited, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Ebara Corporation, General Electric, Mitsubishi Heavy Industries, Ltd., Siemens AG, Suzlon Energy Ltd., and Toshiba Corporation.
Other players operating in the value chain of the global market are Alstom SA, Harbin Electric Company, Dongfang Electric Corporation, Dresser-Rand, Bowman Power Group Ltd., and others.
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COVID-19 impact on the market
• Due to the Covid-19 outbreak, several governments have imposed a ban on imports and exports, which disrupted the supply chain. The lockdown across various countries hampered the manufacturing of turbo generator.
• However, the market is estimated to recover by the first quarter of 2021 due to governments' decision to resume various manufacturing factoring and increase in the demand for electricity from the various industries.
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